SPX Technologies Files 10-Q for Q2 2024
Ticker: SPXC · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 88205
| Field | Detail |
|---|---|
| Company | Spx Technologies, Inc. (SPXC) |
| Form Type | 10-Q |
| Filed Date | Aug 2, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
Related Tickers: SPXC
TL;DR
SPX Tech's Q2 2024 10-Q is in. Check financials.
AI Summary
SPX Technologies, Inc. filed its 10-Q for the period ending June 29, 2024. The filing covers financial performance and operational details for the second quarter of 2024. Key financial data and disclosures relevant to investors are included.
Why It Matters
This filing provides investors with a detailed look at SPX Technologies' financial health and operational performance during the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial and operational disclosures that can reveal performance trends and potential challenges.
Key Players & Entities
- SPX Technologies, Inc. (company) — Filer of the 10-Q
- 20240629 (date) — End of the reporting period
- 20240802 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 29, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 2, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0000088205.
What is the Standard Industrial Classification (SIC) code for SPX Technologies?
The Standard Industrial Classification (SIC) code for SPX Technologies is 3540, which corresponds to METALWORKING MACHINERY & EQUIPMENT.
What was the previous fiscal year end for SPX Technologies?
The previous fiscal year end for SPX Technologies was December 31.
Filing Stats: 4,811 words · 19 min read · ~16 pages · Grade level 7.7 · Accepted 2024-08-01 17:38:56
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 SPXC New York Stock Exchange Indicate
Filing Documents
- spxc-20240629.htm (10-Q) — 1592KB
- spxc_ex31arcertofincorpasa.htm (EX-3.1) — 120KB
- exhibit311q22024.htm (EX-31.1) — 12KB
- exhibit312q22024.htm (EX-31.2) — 8KB
- exhibit321q22024.htm (EX-32.1) — 6KB
- 0000088205-24-000050.txt ( ) — 10016KB
- spxc-20240629.xsd (EX-101.SCH) — 57KB
- spxc-20240629_cal.xml (EX-101.CAL) — 101KB
- spxc-20240629_def.xml (EX-101.DEF) — 333KB
- spxc-20240629_lab.xml (EX-101.LAB) — 754KB
- spxc-20240629_pre.xml (EX-101.PRE) — 582KB
- spxc-20240629_htm.xml (XML) — 1777KB
– Financial Statements
Item 1 – Financial Statements Condensed Consolidated Statements of Operations and Comprehensive Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7
– Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 29
– Quantitative and Qualitative Disclosures About Market Risk
Item 3 – Quantitative and Qualitative Disclosures About Market Risk 39
– Controls and Procedures
Item 4 – Controls and Procedures 39 PART 2 – OTHER INFORMATION
– Legal Proceedings
Item 1 – Legal Proceedings 40
– Risk Factors
Item 1A – Risk Factors 40
– Other Information
Item 5 – Other Information 40
– Exhibits
Item 6 – Exhibits 40
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements
ITEM 1. Financial Statements SPX TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited; in millions, except per share amounts) Three months ended Six months ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Revenues $ 501.3 $ 423.3 $ 966.5 $ 823.1 Costs and expenses: Cost of products sold 300.5 259.7 582.8 509.6 Selling, general and administrative 101.2 100.8 204.1 194.6 Intangible amortization 16.8 11.5 31.6 17.8 Special charges, net ( 0.2 ) — 0.4 — Other operating expense, net 8.4 — 8.4 — Operating income 74.6 51.3 139.2 101.1 Other income (expense), net ( 1.7 ) — ( 5.7 ) 2.5 Interest expense ( 12.8 ) ( 5.4 ) ( 22.6 ) ( 7.8 ) Interest income 0.3 0.2 0.6 0.7 Income from continuing operations before income taxes 60.4 46.1 111.5 96.5 Income tax provision ( 15.2 ) ( 7.8 ) ( 17.1 ) ( 19.1 ) Income from continuing operations 45.2 38.3 94.4 77.4 Income (loss) from discontinued operations, net of tax — — — — Gain (loss) on disposition of discontinued operations, net of tax ( 1.0 ) ( 2.3 ) ( 1.2 ) 1.4 Income (loss) from discontinued operations, net of tax ( 1.0 ) ( 2.3 ) ( 1.2 ) 1.4 Net income $ 44.2 $ 36.0 $ 93.2 $ 78.8 Basic income per share of common stock: Income from continuing operations $ 0.98 $ 0.84 $ 2.05 $ 1.70 Income (loss) from discontinued operations, net of tax ( 0.02 ) ( 0.05 ) ( 0.03 ) 0.03 Net income per share $ 0.96 $ 0.79 $ 2.02 $ 1.73 Weighted-average number of common shares outstanding — basic 46.246 45.533 46.038 45.457 Diluted income per share of common stock: Income from continuing operations $ 0.96 $ 0.82 $ 2.01 $ 1.66 Income (loss) from discontinued operations, net of tax ( 0.02 ) ( 0.05 ) ( 0.02 ) 0.03 Net income per share $ 0.94 $ 0.77 $ 1.99 $ 1.69 Weighted-average number of common shares outstanding — diluted 47.158 46.627 46.901 46.500 Comprehensive income $ 38.2 $ 39.2 $ 77.0 $ 83.8 The accompanying notes are an integral